2.25 %Gross/AER*
- Variable rate of interest
- Invest from £500
- Instant Access
- Apply in branch or by post.
Summary Box
Account name
Business - Instant Access Account
What is the interest rate?
2.25% Gross/AER
The interest is paid annually and will be credited to your account after close of business on1 April.
Can Progressive change the interest rate?
Yes, the interest rate is variable. We can increase or decrease the interest rate as described In our Business Savings General Terms and Conditions.
If we are decreasing the interest rate, we will notify you at least 14 days before the change takes effect.
What would the estimated balance be after 12 months based on a £1,000 deposits?
£1,022.50
This is an example based on an initial deposit of £1,000 made on account opening and assumes no further deposits or withdrawals are made throughout the year and that the interest rate does not vary during the 12-month period.
How do I open and manage my account?
The account is available to the following types, which must be based in Northern Ireland:
- limited companies incorporated in the UK
- public sector bodies
- limited liability partnerships
- charities registered in the UK
- solicitors
- churches
- credit unions.
There is a minimum lodgement of £500 required to open the account.
Cash lodgements are not permitted to this account. Lodgements should be made by cheque, debit card or electronic transfer.
The maximum balance for the account is £3 million.
The account can be opened and operated at any of the Society's branches or by post.
Can I withdraw money?
Yes, this is an instant access account, withdrawals are allowed.
You can withdraw up to £500 in cash in a branch, larger amounts must be withdrawn by cheque payable to the same name as the account holder.
Additional information
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from the savings over time.
Gross rate quoted is the taxable rate of interest without deduction of income tax.
The interest rate is correct as of 10th December 2024.
How to apply
Before you apply, please make sure you read the Summary Box, account terms and conditions, Business Savings General Terms and Conditions and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.
In branch
If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.
Visit your local branch to open this account.
Find your nearest branchBy Post
To open this account by post:
- review the Summary Box above;
- read the account terms and conditions and the Business Savings General Terms and Conditions;
- review the FSCS leaflet for further information or visit fscs.org.uk;
- download and complete the application form;
- return the completed form with your cheque to the branch you want your account opened in.
We recommend that you download a copy of the documents and retain for your records.
Speak to our team today
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.